The Saudi and the American Mortgage Laws
Alshamasi, Naser . 2013
Abstract
This paper will present the existing mortgage laws that are being implemented in Saudi Arabia and United States and differentiate the process and the requirements that are needed for the approval of the mortgage transaction. There are four main objectives in this thesis: 1.) to present the essential mortgage laws in the United States and Saudi Arabia; 2.) to explain the implementation of mortgage laws in these two countries; 3.) The similarities between the mortgage laws of the two countries; and 4.) The differences of mortgage laws between the two countries. This study shall also show the efficiency of the current mortgage laws in the two countries and to provide recommendations to improve the effectiveness of these laws. Other issues that will be discussed are the factors that may affect the implementation of the mortgage laws in the two countries based on political, cultural, and social differences.
Keywords: Mortgage laws, security interest, Shariah, “rahn” principles, mortgagor and mortgagee.
